I think monetary policy coming out of the 2001 recession did what it was intended to do, which was cushion the interest-sensitive sectors of the economy, including housing.
Quotes about interest-sensitive (4 Quotes)
So now we're getting not only the sell-off in technology but the sell-off in all the interest-sensitive stocks and every place else that people have been putting money.
To date, interest-sensitive spending has remained robust and the FOMC (Federal Open Market Committee) will have to stay alert for signs that real interest rates have not yet risen enough to bring the growth of demand into line with that of potential supply, even should the acceleration in productivity continue,
The future path for monetary policy depends critically on at least a flattening out of interest-sensitive spending, ... It is touch-and-go whether the softness in interest-sensitive spending is sufficient to be consistent with the required degree of overall economic slowing.